Yen slips as Nikkei regains some stability

London — The yen slipped yesterday as Japanese shares steadied from sharp falls, easing worries that investors may have to close their yen-selling positions to make up for losses.

While the Nikkei’s fall of more than 10% from its five-and-a-half-year peak pulled the yen higher against the dollar, in the longer term, markets still expect the Bank of Japan’s aggressive easing stance to weaken the yen.

The dollar rose 1,2% to 102,20 yen, up more than a full yen from a two-week low of 100,66 hit on Friday and staying above technical support levels, at 100,80 yen yesterday and breaking through resistance at 102,00 yen.

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